Does efficiency help banks survive and thrive during financial crises?
Does efficiency help banks survive and thrive during financial crises?
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DOI：
10.1016/j.jbankfin.2019.07.013
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发表时间：
2019-09-01
影响因子：
3.7
通讯作者：
Tsionas, Mike G.
中科院分区：
文献类型：
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作者：
Assaf, A. George;Berger, Allen N.;Tsionas, Mike G.
我们研究如何在正常时期的银行效率影响生存，风险和盈利能力在随后的金融危机中使用的数据，从五个美国金融危机和正常时期之前。我们发现，在正常时期的成本效率有助于降低银行倒闭概率，降低风险，并在随后的金融危机中提高盈利能力，而利润效率的好处有限。结果表明，成本效率更好地衡量管理质量，而利润效率可能部分反映了正常时期风险投资的暂时高回报。研究结果具有政策意义，意味着在正常时期提高银行成本效率可能会促进更好的金融危机表现。(C)2019爱思唯尔B.V.保留所有权利。
We examine how bank efficiency during normal times affects survival, risk, and profitability during subsequent financial crises using data from five U.S. financial crises and preceding normal times. We find that cost efficiency during normal times helps reduce bank failure probabilities, decrease risk, and enhance profitability during subsequent financial crises, while profit efficiency has limited benefits. Results suggest that cost efficiency better measures management quality, while profit efficiency may partially reflect temporary high returns from risky investments during normal times. Findings have policy implications and imply that improving bank cost efficiency during normal times may promote better financial crisis performance. (C) 2019 Elsevier B.V. All rights reserved.